Our business generates significant revenues for governments. Transparency is vital to ensuring that the wealth derived from the energy we produce is put to effective and equitable use. Transparency allows businesses to prosper in a predictable environment, contributes to a level playing field and enables citizens to hold governments accountable.
We believe that responsible and ethical behaviour is a prerequisite for sustainable business. We have zero tolerance for corruption. Our Ethics Code of Conduct is based on our values and reflects our commitment to high ethical standards in our business activities. We seek to develop relations with business partners who uphold a commitment to values and ethical standards similar to ours, and we work with our suppliers to ensure financial integrity in our joint operations.
Open is one of our four company values. We were among the first major oil and gas companies to voluntarily start disclosing all revenues and payments to governments in the countries where we operate. It is a practice we intend to continue. Our aim is to work with industry, governments and civil society to fulfil our commitments in the countries where we operate. We are a signatory to the anti-corruption initiative Call to Action by the United Nations Global Compact, an appeal by the private sector to governments to address corruption and enhance good governance, as these aspects are fundamental pillars of a sustainable and inclusive global economy.
In addition to our revenue transparency disclosures, we aim to be open about other aspects of our sustainability performance. Our climate advocacy position is publicly available. We have disclosed our 2020 carbon intensity goals and annually report our progress towards these goals. In 2014, we focused on initiatives to strengthen the accuracy of methane emissions reporting. We joined the Climate and Clean Air Coalition and partnered with recognised research institutions in the USA to improve the methodology for estimating and disclosing fugitive methane emissions. More information about these initiatives is available in the Climate change and energy supply section.
PAYMENTS TO GOVERNMENTS—OUR POSITION
We were one of the first major oil and gas companies to voluntarily start disclosing revenues and payments to governments in the countries where we operate. It is a practice we intend to continue. We welcome initiatives to strengthen revenue transparency legislation, including project-by-project disclosure of payments, as laid out in the EU Transparency Directive and in the similar Norwegian ‘country-by-country’ legislation. However, a global standard for revenue disclosure would be even more welcome. For Statoil, it is important that revenue transparency regulation applies globally, is effective, and creates a levelled playing field for all companies, communities and governments.
For a decade, Statoil has voluntarily disclosed payments to governments on a country-by-country basis. We disclose payments to governments pertaining to our extractive activities per project in a separate report, as required by Norwegian legislation. In addition to information about payments to governments, the report includes information regarding investments, revenues, purchases of goods and services and production volumes per country, a full list of subsidiaries and information about inter-company interest expenses.